Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Speaking on the skirmish between the soldiers of China and India along the Line of Actual Control
After getting a setback from Nitish in Bihar, the BJP has started preparing for Mission 2024. In
Indian soldiers overpowered Chinese soldiers, Dragon got defeated in 'Tug of War'.
Indian soldiers have defeated the Chinese army on foreign soil. A video has surfaced which is bec
The National Testing Agency (NTA) has released the results of the Joint Entrance E
US President Donald Trump has announced tariffs on many countries of the world, including India.
Anti-hijab protests that began on September 16 in Iran are still ongoing. Meanwhile, media report
The way the crisis in Uddhav Thackeray's chair has deepened in Maharashtra, the failure of police
Jyoti Malhotra's father Harish Malhotra, accused of espionage, said on Thursday that he did not h
The Parliament of the Netherlands is going to implement the legal right to work from home. Last w
India has responded to Canada in its language in the ongoing diplomatic dispute between India and
